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Mutual & Federal withdrawal of cautionary announcement

27 November 2008 Mutual Federal

Shareholders are referred to earlier announcements, the last of which was released on 28 October 2008, relating to the competitive sale process being undertaken by Old Mutual plc (“Old Mutual”) for its controlling shareholding in Mutual & Federal.

Shareholders are further referred to Old Mutual’s announcement today wherein it has stated that, as a result of increasingly difficult market conditions and following discussions with the shortlisted bidders, the sale process has now been terminated.

Shareholders are therefore advised that the cautionary announcement relating to this potential transaction is now withdrawn and that Mutual & Federal will remain part of the Old Mutual Group.

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